Bank bargains now for sale in Mallorca
By Kevin Barnett, 22 Jan 2010
The property bargains have reached holiday Island, Mallorca, reports the leading online specialists for Spanish bank repossessions.
The Google-ranked number one website for bargain property in Spain, www.PropertyInSpain.Net is offering dozens of apartments, houses and renovation projects at a fraction of their valuation prices and most with such good loan to value ratios that they come with 90% mortgages.
Located in many favourite resorts and inland villages the bargains can be viewed and deals, with mortgages, arranged during 3-day viewing trips that are offered with EUR 500 cash-backs to cover flights and hotels of buyers.
Many are in Majorca capital, Palma and others in popular places like Llucmayor, Felanitx, Manacor, San Llorenc, Son Severa, Arta, Alcudia, Sa Pobla, Inca, Soller and Calvia. Prices include EUR 75,000 for 1-bed apartment to EUR 125,000 for spacious 4-bed renovation project.
Balearics manager, Ben Walker said: “Mallorca has been fairly immune to the effects of the recession and Spain’s property woes, but now we are seeing an increase in the number of Spanish bank repossessions. They offer an opportunity for bargain hunters to get established in Europe’s biggest holiday destination, served by 100s of airports across Europe.
“Because of the outstanding loan to value these bargains come with 90% mortgage loans for buyers who require this level of advance. The rental market remains strong and with increased airport capacity Mallorca is likely to remain the most popular holiday destination.”